A Mixed Morning for Grain Markets
Posted: Aug. 14, 2023, 7:24 a.m.
CornTechnicals (December) December corn futures had a knee jerk reaction higher following Friday's report as traders reacted to a less than expected national average yield. That strength was short lived as market participants dug into ending stocks, which came in above expectations for old crop and new crop corn. That report has taken prices near our support pocket from 480-482. This pocket represents the lows from July 12th and 13th, which was the day of and the day after the last USDA report. The Bulls need to defend this pocket through the week, a failure to do so could accelerate the selling pressure. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 518-525 3/4****, 540 1/2-545*** Pivot: 502-506 1/2 Support: 480-482***, 476** |
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Soybeans |
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Technicals (November) November soybean futures are higher in the early morning trade as intermediate term weather outlooks show the potential for above normal temperatures coupled with below normal precipitation. Over the last week, the market has been tethered to the 50-day moving average, trading on it for each of the last 6 sessions. Resistance comes in near the 200-day moving average, we've outlined that pocket as 1324-1334. If the Bulls can chew through this pocket, it could lure additional buyers into the market. Bias: Bullish/Neutral Previous Session Bias: Neutral Resistance: 1324-1334***, 1350-1355** Pivot: 1291-1300 Support: 1282**, 1256-1260*** |
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WheatTechnicals (September) Wheat futures are threatening another technical breakdown as prices linger near our 4-star support pocket, 622-632. A break and close below this pocket could spark another wave of selling pressure, with little support until closer to $6.00. Bias: Neutral/Bullish Previous Session Bias: Bullish/Neutral Resistance: 693 1/2-698 3/4***, 744-745*** Pivot: 669-673 Support: 622-632****, 603-607*** |
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